17th Oct 2018 12:49
LONDON (Alliance News) - i3 Energy PLC on Wednesday said it appointed FirstEnergy Capital LLP as an acquisitions and divestitures advisor to assist with a farm-out of the company's greater Liberator development and appraisal programme in the North Sea.
The oil & gas company said FirstEnergy has been active in recent UK North Sea transactions and therefore was determined to be the most capable party to assist with its joint venture initiative.
At the end of June, the company granted a 90 day exclusivity period to a possible farm-in partner ahead of a proposed joint venture. Within the 90 day period the potential partner had to deliver on some key assurances.
"We are confident that FirstEnergy is best placed to help us during our first concerted effort to market i3's development and appraisal programme of the greater Liberator area to potential joint venture partners and we are very pleased to be working with their team," said i3 Energy Chief Executive Majid Shafiq.
i3 Energy shares were trading 0.4% lower on Wednesday at 60.25 pence each.
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